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The Cleveland Clinic and three U.S. universities announced Wednesday they will receive unrestricted funds of roughly $260 million each, due to the sale of global technology and manufacturing company, Lord Corp.

Why it matters: Officials at the the Cleveland Clinic, Massachusetts Institute of Technology, Duke University and the University of Southern California say the anticipated $1 billion in total donations is believed to be the largest single allocation of its kind.

Of note: Many institutional donations like this comes with detailed agreements from donors on how the money may be used, but this did not, the Washington Post reports.

  • Lord Corp. grew its sales to more than $1 billion in 2018, and the company was recently purchased by Parker-Hannifin Corporation for $3.7 billion, triggering the distribution of proceeds to the four schools to advance education and research in science and technology, per the Cleveland Clinic.
  • The Lord foundations supported MIT, Duke, USC and the Cleveland Clinic, and previously handed out approximately $200 million to the four institutions since the 1980s.

The bottom line: The universities and medical center can prioritize needs that are pressing, but may not be appealing to donors.

Go deeper: GoFundMe's place in the health care system

Go deeper

32 mins ago - World

Jimmy Lai among Hong Kong pro-democracy leaders sentenced to prison

Students standing under a banner during a flag raising ceremony on the first annual National Security Education Day in Hong Kong. Photo: Vernon Yuen/NurPhoto via Getty Images

A Hong Kong court sentenced a group of the city's most prominent pro-democracy activists to up to 18 months in prison Friday for organizing a massive unauthorized protest in August 2019 that drew an estimated 1.7 million people, AP reports.

Why it matters: Critics say the sentences send the message that even peaceful pro-democracy activism will be severely punished. They mark a continuation of Beijing's overhaul of Hong Kong's political structure, designed to crack down opposition to the Chinese Communist Party.

Local news moves to the inbox

Illustration: Annelise Capossela/Axios

A slew of new companies are launching platforms for local newsletters, a shift that could help finally bring the local news industry into the digital era.

Driving the news: Substack, the email publishing platform for independent journalists, on Thursday announced a new local news platform.

J&J vaccine pause hurts its reputation

Reproduced from Economist/YouGov poll; Chart: Axios Visuals

Americans' confidence in the safety of Johnson & Johnson's coronavirus vaccine took a big dip this week after the pause in its use, per new YouGov polling, even though the risk of blood clots following the shot is extremely low, if it exists at all.

Why it matters: For the majority of people, particularly high-risk Americans, getting the J&J shot is almost certainly less dangerous than remaining vulnerable to the coronavirus.